Bengaluru, 21st October, 2024: The Board of Directors of Kotak Mahindra Bank (“the Bank”) approved the unaudited standalone and consolidated results for the quarter and half-year ended September 30, 2024, at the Board meeting held in Mumbai, today.

Consolidated results at a glance

Consolidated PAT for Q2FY25 was ₹ 5,044 crore, up 13% YoY from ₹ 4,461 crore in Q2FY24. PAT of Bank and key subsidiaries given below:

At the consolidated level, Return on Assets (ROA) for Q2FY25 (annualized) was 2.53% (2.68% for Q2FY24). Return on Equity (ROE) for Q2FY25 (annualized) was 13.88% (14.99% for Q2FY24).

Consolidated Capital Adequacy Ratio as per Basel III as at September 30, 2024 was 22.6% and CET I ratio was 21.7% (including unaudited profits).

Consolidated Networth as at September 30, 2024 was ₹ 147,214 crore (including increase in reserves due to RBI’s Master Direction on Bank’s investment valuation of ₹ 4,777 crore and gain on KGI divestment of ₹ 2,730 crore). The Book Value per Share at September 30, 2024 was ₹ 740 (₹ 605 at September 30, 2023).

Consolidated Customer Assets which comprises Advances (incl. IBPC & BRDS) and Credit Substitutes grew to

₹ 510,598 crore as at September 30, 2024 from ₹ 428,404 crore as at September 30, 2023, up 19% YoY.

Total Assets Under Management as at September 30, 2024 were ₹ 680,838 crore up 37% YoY over ₹ 498,342 crore as at September 30, 2023.

Kotak Asset Management, the 5th largest AMC saw its Domestic MF Equity AUM increase by 60% YoY to ₹ 319,161 crore as at September 30, 2024.

Kotak Mahindra Bank standalone results

The Bank’s PAT for Q2FY25 stood at ₹ 3,344 crore, up 5% YoY from ₹ 3,191 crore in Q2FY24.

Net Interest Income (NII) for Q2FY25 increased to ₹ 7,020 crore, from ₹ 6,297 crore in Q2FY24, up 11% YoY. Net Interest Margin (NIM) was 4.91% for Q2FY25.

Fees and services for Q2FY25 increased to ₹ 2,312 crore from ₹ 2,026 crore in Q2FY24, up 14% YoY. Operating profit for Q2FY25 increased to ₹ 5,099 crore from ₹ 4,610 crore in Q2FY24, up 11% YoY. Customers as on September 30, 2024 were 5.2 cr (4.6 cr as on September 30, 2023).

Customer Assets, which comprises Advances (incl. IBPC & BRDS) and Credit Substitutes, increased by 18% YoY to

₹ 450,064 crore as at September 30, 2024 from ₹ 380,412 crore as at September 30, 2023. Advances (incl. IBPC & BRDS) increased 17% YoY to ₹ 419,108 crore as at September 30, 2024 from ₹ 357,012 crore as at September 30, 2023.

Unsecured retail advances (incl. retail microcredit) as a % of net advances stood at 11.3% as at September 30, 2024.

Average Total Deposits grew to ₹ 446,110 crore for Q2FY25 compared to ₹ 385,950 crore for Q2FY24 up 16% YoY. Average Current Deposits grew to ₹ 61,853 crore for Q2FY25 compared to ₹ 58,351 crore for Q2FY24 up 6% YoY. Average Savings Deposits grew to ₹ 124,823 crore for Q2FY25 compared to ₹ 121,967 crore for Q2FY24 up 2% YoY. Average Term Deposits grew to ₹ 259,434 crore for Q2FY25 compared to ₹ 205,632 crore for Q2FY24 up 26% YoY.

CASA ratio as at September 30, 2024 stood at 43.6% (June 30, 2024 at 43.4%) TD sweep balance grew 41% YoY to ₹ 52,411 crore.

As at September 30, 2024, GNPA was 1.49% & NNPA was 0.43% (GNPA was 1.72% & NNPA was 0.37% at September 30, 2023).

Capital Adequacy Ratio of the Bank, as per Basel III, as at September 30, 2024 was 22.6% and CET1 ratio of 21.5% (including unaudited profits).

Standalone Return on Assets (ROA) for Q2FY25 (annualized) was 2.17% (2.45% for Q2FY24).

The financial statements of Indian subsidiaries (excluding insurance companies) and associates are prepared as per Indian Accounting Standards in accordance with the Companies (Indian Accounting Standards) Rules, 2015. The financial statements of subsidiaries located outside India are prepared in accordance with accounting principles generally accepted in their respective countries. However, for the purpose of preparation of the consolidated financial results, the results of subsidiaries and associates are in accordance with Generally Accepted Accounting Principles in India (‘GAAP’) specified under Section 133 and relevant provision of Companies Act, 2013.